New Delhi: Malabar Gold & Diamonds today said it is going to invest Rs 620 crore in expansion plans of its retail network.

The plan will see an addition of 24 stores in three months, from January 2017 to March 2017 period, taking the number of total outlets to 185 by the end of March 2017, up from 161 as of today, the company said in a statement.

The company plans to spend Rs 220 crore in India while Rs 400 crore will be invested in the Gulf Cooperation Council (GCC).

Malabar Gold further said, out of the 24 new outlets, 9 will be in the UAE, 7 in India, 5 in Saudi Arabia, 2 in Bahrain and 1 in Kuwait.

The expansion will add more than 1,000 professionals to the group’s existing manpower strength of 9,000 and cross the 10,000 employee mark by March this year.

“This is one of our single largest vertical expansion drives. The expansion at a crucial time reflects our renewed confidence and strong commitment to the Gulf, India and Far East markets,” MP Ahammed, chairman of Malabar Group said.

“The expansion is aimed at serving more communities and nationalities, especially people from the Philippines, African Arab communities, the Levant as well as the Western countries. The extended network will help us acquire a greater customer base”, he added.

Sachin Bansal, Binny Bansal, sales director Hari, accounts managers Sumit Anand and Sharauque among other employees have been named in the FIR registered on the basis of a complaint lodged by Naveen Kumar, owner of Indiranagar-based C-Store Company.